Bitcoin Premium in India Reaches 20%, Price Peaks Beyond $880

60,000 rupees. That’s $881. You’ll need more than that to buy a Bitcoin in India, a country which just nixed much of its cash. The rupee-based Bitcoin price, thanks to skyrocketing demand, now includes a $140 (20%) premium upon Indian Prime Minister Narendra Modi’s decision to demonetize 500 and 1000 rupee notes.

After last week’s announcements that the notes were no longer valid, bitcoin sales increased across several exchanges, according to The Hindustan Times. Internet searches in India for the term “bitcoin” and “buy bitcoin” have increased in popularity, says Google Trends data.

“Queries for bitcoins have gone up by 20 percent to 30 percent in the past couple of days,” Zebpay’s CEO, Saurabh Agrawal, told the Hindustan Times.

As CNBC reported three days ago, one Bitcoin on India-based exchange Unocoin is worth ₹55,405 ($817.97), while Bitcoins cost $709 in dollar denominated terms.

At the time of publishing, the buying rate for a bitcoin through Unocoin is ₹60,364 or $887.12.